Another chit fund accused gets HC bail

The Orissa High Court today granted bail to Bhubaneswar-based builder Sagar Kumar Ray who was arrested by CBI in November last year in connection with his alleged links with chitfund company Arthatatwa (AT) Group.
Justice Raghubir Dash allowed him to obtain bail after depositing Rs five crore in any nationalised bank as surety and furnishing two property sureties having solvency of Rs 10 lakh each.
Among other conditions, he has been asked to submit his passport and not leave the country.
Ray had invested in Odisha Premier League (OPL), a cricket tournament organised by Odisha Cricket Association in 2011 sponsored by the AT Group.

Proprietor of a construction company, Ray was also co-owner of an OPL team. CBI arrested him on November 15, 2014, after questioning him several times.
Ray would be the fourth person to get bail from among the 20-odd persons arrested by CBI which is probing the multi-crore rupee chit fund scam in the state since last July following a direction from the Supreme Court.
Earlier, former advocate general Asok Mohanty, BJD MLA Pravat Tripathy and his associate Ranjan Das have obtained bail in chitfund related cases from different courts.